MPLX LP Announces Agreement to Acquire Remaining 55% Interest in BANGL, LLC
(PR Newswire) -- MPLX LP (NYSE: MPLX) today announced it has signed a definitive agreement with affiliates of WhiteWater and Diamondback Energy to acquire the remaining 55% interest in BANGL, LLC for $715 million. Additionally, upon achievement of specific financial performance metrics, MPLX would make earnout payments up to a specified cap. The transaction is immediately accretive and is expected to generate mid-teen returns for the partnership.
"With full ownership of BANGL and its expansion opportunities, our growth platform is further improved for the long term as we connect growing NGL production from the Permian basin to our recently announced Gulf Coast fractionation complex," said Maryann Mannen, MPLX president and chief executive officer.
The transaction is expected to close in July 2025 and is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Following closing, the BANGL Pipeline will be a wholly owned asset of MPLX and consolidated in MPLX's financial results.
About the BANGL Pipeline
The BANGL pipeline system transports up to 250 thousand barrels per day of natural gas liquids from the Permian basin of Texas to fractionation markets along the Gulf Coast. BANGL is being expanded to 300 thousand barrels per day, which is anticipated to come online in the second half of 2026. The BANGL pipeline system will enable liquids to reach MPLX's Gulf Coast fractionation complex, which is expected in service in 2028.
About WhiteWater
WhiteWater's investment in BANGL, LLC was held through an affiliate, WhiteWater BANGL Holdings, LLC, which is backed by Ridgemont Equity Partners, Trace Capital Management, and First Infrastructure Capital. WhiteWater was advised by Simpson Thacher & Bartlett, LLP as legal counsel and Barclays as financial advisor. https://whitewatermidstream.com
About MPLX LP
MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.MPLX.com.
